Events

Norfolk relaunches searches covering 3 equity mandates

Norfolk County Retirement System, Canton, Mass., has reissued three RFPs seeking money managers to run a total of about 11.1%, or roughly $111 million through three domestic equities strategies.

The plan is looking for a U.S. large-cap value manager to run up to 6.5% of the defined benefit plan’s $1 billion assets, or approximately $65 million; a U.S. microcap manager to run up to 2.4% of the plan’s assets (about $24 million); and a U.S. midcap growth manager to run up to 2.2% of the plan’s assets (about $22 million).

The actual amounts to be allocated will be determined as a percentage of the portfolio. Both commingled vehicles and separate accounts will be considered for all allocations.

The mandates were first issued in October as part of a group of 10 RFPs for portfolios totaling $514 million.

The board voted to reissue the microcap value and growth RFPs because they received limited responses

from the original postings, said Kathleen Kiely-Becchetti, executive director of the retirement system. She added the large-cap value RFP was reissued “because almost half of the responses received an unacceptable rating,” which is why minimum criteria has been added to the RFP.